macao has long been a typical entertainment (especially, gaming) tourism city in the asia-pacific region. sparked by the collapse of united states’ subprime mortgage securities in 2007, a global financial crisis swept through the global financial markets and economy in the several subsequent years. macao's entertainment tourism industry was not spared. this paper attempts to construct a financial engineering model to link macao's gross entertainment revenue with the key performance indicators of the global financial markets over these years. results reveal that macao's entertainment tourism industry closely correlated with the performance of the global financial markets, with the former lagging behind by two months in a specific manner. this model may provide macao and other entertainment tourism cities with forecasts for strategic planning.

using a sample of hong kong-listed stocks that are also traded on the london stock exchange, we document the following results: first, london market makers use hong kong's closing prices as the benchmark for setting the opening prices in london. second, trading in the london market plays only a limited role in price discovery in the hong kong market. third, the stock returns from london trading are closely correlated with those of the hong kong market. the above findings are consistent with the explanation that london trading is predominantly liquidity-driven but not information-driven.